Grant recipients will receive mentorship resources as well as capital to uplevel their businesses through annual program
Today Famous Amos, in partnership with the National Black Chamber of Commerce (NBCC), began accepting applications to the Famous Amos’ Ingredients for Success Entrepreneurs Initiative. The national grant competition, now in its third year, awards three Black, early-stage business owners with $50,000 in unrestricted business capital along with business and mentorship resources provided by NBCC.
“The Ingredients for Success Entrepreneurs Initiative is a way for Famous Amos to honor the legacy of Wally Amos, a passionate entrepreneur whose impact has led to so many joyful cookie moments,” said Rachna Patel, Vice President of Marketing for Famous Amos. “We are thrilled to launch the third year of this special grant program for Black business owners as it means we get to continue carrying out our mission of advancing racial equity and supporting Black economic success.”
Eligible applicants must be business owners at least 21 years old, at minimum 90% Black-owned, in business for five years or less, and headquartered in the United States. To be considered, applicants must submit a 90-120 second elevator pitch video that explains why they should receive the $50,000 grant for their business. The process of creating the pitch video is meant to mimic and prepare applicants on pitching their businesses for additional capital investments.
Black businesses continue to face financial challenges in their efforts to sustain profits and success. According to a 2022 Meta survey, the COVID-19 pandemic greatly impacted small businesses due to their vulnerability to economic shocks. In turn, 51% of Black-owned small businesses experienced record low sales in 2022. A similar report by Black Enterprise found that venture capital funding for Black businesses fell 45% after hitting record highs in 2020.
“We are proud to continue our partnership with Famous Amos to advance our necessary mission of empowering Black businesses and communities,” said Charles H. DeBow, III, CEO of the National Black Chamber of Commerce. “The Ingredients for Success Entrepreneurs Initiative is a philanthropic effort that provides a solution to a persistent need in the Black founders community: financial and mentorship support to ensure there is continued business growth. Closing the knowledge gap that many Black owners find themselves facing is critical to closing the significant wealth gap that Black communities have experienced for many generations.”
A total of $300,000 has been given to six Ingredients for Success grant recipients from the previous two cycles. Previous grant recipients and Ingredients for Success alumni have included a legal services business, a startup fresh grocery, a luxury eyewear company, among more. The program continues to be highly competitive with thousands of applications submitted each year.
Hopeful entrepreneurs have until 11:59 p.m. EST on Sunday, June 25, 2023 to submit their applications and elevator pitch videos into the online portal for Cycle 3 of Famous Amos’ Ingredients for Success Entrepreneurs Initiative.
For more information and to apply, please visit FamousAmosIngredientsforSucces